Reflects the domestic supply and demand for compact discs

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Reference no: EM13802629

Suppose the following table reflects the domestic supply and demand for compact discs (CD’s).

Prices 18 16 14 12 10 8 6 4

Quantity supplied 8 7 6 5 4 3 2 1

Quantity demanded 2 4 6 8 10 12 14 16

Graph these market conditions and identify

a) Equilibrium price

b) Equilibrium quantity

Now suppose that foreigners enter the market, offering to sell an unlimited supply of CD’s for $6 apiece. Illustrate and identify.

a) The new market price

b) Domestic consumption

c) Domestic production

If a tariff of $2 per CD is imposed, what will be..

a) The market price

b) Domestic consumption

c) Domestic production

Graph your answers:

Reference no: EM13802629

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